But ABF said in a trading update margins will take a hit from the collapse in the value of the pound.

It said: “As forecast, the operating profit margin in the first half will decline, mainly reflecting the strength of the US dollar on input costs.”

“The full effect of sterling weakness against the US dollar on Primark’s purchases will result in a greater margin decline in the second half because our currency hedges were at more advantageous exchange rates in the first half.”